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Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15...

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Transition From Traditional Practice to Private Pay Model: Why Brand Matters
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Page 1: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Transition From TraditionalPractice to Private Pay Model:

Why Brand Matters

Page 2: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

The Traditional“Fast Food” Model

High volume

High stress

Poor patient satisfaction

Clinical Results Acceptable

Page 3: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Complete Private Pay “Fine Dining” Model

2013 - No Medicare.2015 - No Insurance

Page 4: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

WARNING! Danger Ahead

Lose 85% of practice within 6 months

Practice in Florida. 45% medicare Population.

Page 5: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Had to learn Fast!

Understand PracticeUniqueness

Reason why patients would gladly pay for my services, even if they could not

use their insurance.

Page 6: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Traditional Branding DefinitionsProduct Company Service

Page 7: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Individual BrandingIt is YOU.

Brand or Bland/GenericIndividual or Commodity

Page 8: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Private Pay “Fine Dining” Requires Excellent Brand

Loyal following. Customers willing to wait, travel, pay, and support.

Page 9: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Fast Food is the Easy Route:You are the Commodity

Doctors worth the same. Lower cost.

“You get what you pay for”. Volume production.

Functional.

Page 10: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Yet, commodity medicine is asked to be consumer conscious.

Reimbursements tied to HCAHPS Your Individual Brand Still Counts

Page 11: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Your Brand Can Be Hijacked

For example:Anesthesiologist hired by CRNA’s.

Page 12: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Your Individual Brand is your Greatest Asset. Others Already Leveraging

Bi-Directional Relationships

Page 13: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

The Building Blocks of an Individual Brand

Page 14: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

REPUTATIONBackgroundExperience

Page 15: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

OUTCOME

Not just clinical resultsTHE EFFECTS OF YOUR RELATIONSHIP WITH PATIENTS.

Patient Experience

Page 16: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

PERSONALITYAdmit it. We are nerds.

Some IntrovertedLearn to Engage

Charm ≠ OUTCOMEUse Goodness to win relationship

Page 17: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

PROJECTIONEvery interaction is important

You Are a Public FigureEvery Situation

Opportunity/Risk

Page 18: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

DO YOU HAVE THE WILL TO CHANGE?

Only YOU can decide It takes ownership of the process

Willing to Invest Time, money, and relationships

Page 19: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Fast Food Model Still WorksNEED VOLUME

LOWER COSTS PER ENCOUNTERSo Do You think you want to open the nice Restaurant?

Page 20: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Having Will does not mean Ability To Handle the Truth

Those bad reviews are helpful. Not everyone is a troll!!

View criticisms objectively Determine what can be correctable.

Online Reviews Matter

Page 21: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Real feedback. “Letter of recommendation from your Wife?”

Need True Assessment of your Strengths and Weaknesses

Page 22: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

You must find a team that also

believes in your BRAND

Changing those around you. This can be a lonely decision.

Page 23: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Develop a Fiscally sound Practice

Revenue

Business acumen.

Learn, read, find a mentor, etc.

Page 24: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

It takes Time

Reputation Getting Fiscally Stable.

Understanding PersonalityPlaying to your Passions

Maturing to understand the ramifications of ALL your actions

Page 25: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Learn the “ABO’s”ALWAYS BE ON.

One moment may negate all your efforts. Must accept you are a public figure , even if employed.

Page 26: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Your Brand isWorth The Effort

Best Care - No InfluenceSpecialist Can Work Outside AlgorithmFreely Discuss Non Standard Pathway

Best Staff, Equipment, Location, and Patients

Page 27: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Fine DiningMenu Special

“Filet of Brand”Reputation

Patient OutcomesPersonality

Projection on your Brand. You will seek feedback.

Great StaffBusiness skills.

Page 28: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Understand that YOU are your Greatest ADVOCATE

Even as Physicians, we are in a competitive space. NO ONE will help IMPROVE your BRAND unless they are getting an ADVANTAGE doing it.

OTHERS will help your BRAND, but only for THEIR reasons, not yours.

There is also the aspect of being on the winning team.

Page 29: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

E = MCBRANDING = BUSINESS

No One “Loves You”Must have Common Interests

2

Page 30: Transition From Traditional Practice to Private Pay Model ... 15/John Shim Track C 6.15 -FRI.pdfDoctors worth the same. Lower cost. “You get what you pay for”. Volume production.

Develop your BRAND

It is Worth It!


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